I. Tax base

A. Principle

Under the terms of 1 of article 266 of the general tax code (CGI) , the tax base is constituted for the supply of goods, the provision of services and intra-community acquisitions by all sums, values, goods or services received or to be received by the supplier or the service provider in return for these operations, from the buyer, the lessee or a third party, including the subsidies directly linked to the price of these operations.

Furthermore, b ter of 1 of article 266 of the CGI specifies that for the transactions referred to in e of 1 of article 261 C of the CGI ( VA § 220 of BOI-TVA-SECT-50-10-10 ) which have been subject to the option provided for in article 260 B of the CGI , the tax base is made up of the amount of profits and other remuneration.

With regard to banking and financial transactions subject to VAT automatically or optionally, the tax base is therefore made up of the amount of brokerage, commissions, rebates and other profits.

The VAT is calculated on the gross amount of the profits made, even in the case where the operation is analyzed as a purchase-resale, whether or not it is a delivery within the meaning of article 256 of the CGI .

Thus, in the case of securities acquired directly by a bank or a financial establishment of the issuing community, under a firm underwriting contract, the company having opted for payment of VAT pays this tax on the difference between the subscription price and the sale price of the securities.

Similarly, transactions in minted gold are taxable on the amount of the transferor’s remuneration, i.e. on the difference between the gross purchase and transfer prices, and not on the amount of the sale. , except application of 12° of II of article 262 of the CGI with regard to deliveries of gold to issuing institutions exempt from VAT.

B. Elements to be included or not in the tax base

In accordance with the provisions of 1° of I of article 267 of the CGI , the VAT itself must not be included in the tax base for this tax.

On the other hand, all other taxes, duties, taxes and levies that would be claimed from the customer must be included.

The same applies, pursuant to 2° of I of Article 267 of the CGI, for incidental costs for the delivery of goods or services requested from customers.

For the calculation of the tax, only the amount of the costs which are not normally borne by the banker and which the latter is therefore limited to advancing on behalf of the client, at the provided, however, that the reimbursement is not made on a lump sum basis, that is to say that it corresponds exactly to the actual amount of the costs incurred by the banker and that the operation is not thus likely to procure a benefit to it.

On the other hand, are not deductible, in particular:

postage costs for stock market order execution notices;
shipping and insurance costs for securities purchased on the stock exchange;
custody costs for securities entrusted by the depository institution to another institution which provides physical custody.

II. Chargeable event and liability

The chargeable event and the liability are determined under the conditions of common law provided for in article 269 of the CGI ( BOI-TVA-BASE-20-10 and BOI-TVA-BASE-20-20 ).

(40-60)

III. Rate

The standard rate is applicable to banking and financial transactions subject to VAT automatically or optionally.

IV. Declaration and invoicing

Natural or legal persons who carry out banking or financial transactions on a principal or ancillary basis are subject to all the obligations of persons subject to VAT both in terms of declaration ( BOI-TVA-DECLA-20-20 ) and concerning the invoicing rules provided for in I of article 289 of the CGI .

Source: impots.gouv.fr